VEON Group, a global digital operator, today announced a USD 20 million investment in its financial services subsidiary, Mobilink Microfinance Bank Ltd. (Mobilink Bank). This strategic capital injection is designed to accelerate the rapid expansion of Mobilink Bank’s recently launched Islamic banking operations across Pakistan, reinforcing a shared commitment to driving financial inclusion through technology.
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The investment builds upon VEON’s previous funding of USD 15 million in January 2025 and arrives shortly after Mobilink Bank commenced its Islamic banking services. In late December 2025, the bank opened its first dedicated Islamic banking branch in Karachi, following the acquisition of a formal Islamic Banking Licence from the State Bank of Pakistan (SBP). A second branch in Peshawar is already in the planning stages.
“This investment will accelerate our digital Islamic banking expansion and advance Mobilink Bank’s transformation into a future-ready, technology-driven bank,” stated Mobilink Bank. “It is central to our mission of unlocking inclusive, regulated financial access for small businesses, women, and underserved communities across Pakistan.”
Haaris Mahmood Chaudhary, President and CEO of Mobilink Bank, emphasized the transformative potential of the funding: “This capital enables us to robustly build out our Shariah-compliant offerings. It will directly help small businesses formalize cash flows, access regulated credit, and build long-term financial resilience. Expanding into Islamic banking allows us to directly respond to the needs of a large segment of Pakistan’s population.”
The move capitalizes on significant growth within Pakistan’s Islamic finance sector. According to the SBP’s latest bulletin, Islamic banking assets and deposits grew by 28.3% and 29.7% year-on-year, respectively, as of September 2025, now representing 26.5% of the nation’s total deposits. Mobilink Bank is tailoring its services to serve this high-demand market, aiming for a nationwide rollout of its digital and branch-based Islamic banking solutions.
